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Jamestown Local Development Corporation elects officers, approves administrative agreement and bank depositories at annual meeting
Summary
At its annual organizational meeting, the Jamestown Local Development Corporation designated officers, approved an administrative agreement with JURA, named depositories and signatories, appointed legal counsel and auditors, set 2025 meeting dates and discussed a loan transfer for a local restaurant.
The Jamestown Local Development Corporation held its annual organizational meeting and approved a slate of routine administrative actions, including officer designations, an administrative services agreement with the Jamestown Urban Renewal Agency (JURA), designation of bank depositories, appointment of legal counsel and auditors, and the calendar of 2025 meeting dates.
The meeting, called to order by the president, began with acknowledgments of board membership by virtue of office and position and proceeded through standard annual-business items. The board unanimously approved the appointment of Jeff Russell as treasurer (Russell was noted as absent), voted Vicky McGraw as secretary, and designated Crystal Cerdic as executive director of the Jamestown Local Development Corporation (JLDC).
Board members voted to approve an administrative agreement between the Jamestown Urban Renewal Agency (JURA) and JLDC and to designate KeyBank and Evans Bank as depositories. Members also authorized the mayor (president of the agency), the city finance director and the city controller to serve as signatories on JLDC financial accounts, and authorized the executive director and the financial coordinator to make transfers for JLDC accounts. The board appointed Elliot Raimondo, Esq., as legal counsel and approved Drescher & Malekki LLP as the auditors for JLDC, the same firm that audits the city.
On financial matters, the board reviewed JLDC financial reports through October 2024 and discussed an outstanding loan to Andrew Carlson for Chop Hass on Main. Board members said Carlson has contacted JLDC about options if he sells the restaurant; options discussed include payoff at sale or a formal transfer of the loan obligation to a new owner pending board approval. The board noted no immediate action was required this week but said any loan transfer would need JLDC approval.
The board set its 2025 regular meeting schedule for the third Wednesday of each month at 5:30 p.m., noting the first Wednesday conflicts with the Zoning Board of Appeals and that some members travel on Wednesdays; members agreed to keep the third Wednesday time but said they will accommodate months when schedules conflict. The meeting packet also included fiduciary-duty, conflict-of-interest and whistleblower policy forms; members were asked to sign and return those documents.
There was brief staff update on an open economic development position: interviews were underway with multiple candidates and additional interviews planned in the coming weeks.
No executive session was held. The meeting concluded after approving the October 25, 2024 minutes and the financial and audit items on the agenda.
